Northmarq secures $13.5 million financing for grocery-anchored retail property in Middle Island, NY

Middle Island, NY Northmarq’s New York metro debt + equity team, led by Robert Delitsky and Dylan Hamer, arranged $13.5 million in financing for Strathmore Commons Shopping Mall, a 146,381 s/f grocery-anchored retail center.

Northmarq arranged financing on behalf of the borrower and repeat client through WoodmenLife.

“We’re excited to close this long-term, fixed-rate loan through one of Northmarq’s correspondent relationships,” said Delitsky. “Life insurance companies continue to show a strong appetite for grocery-anchored shopping centers, and WoodmenLife was a great partner in completing the transaction.”

“The borrower has done an excellent job maintaining strong leasing at the property,” Hamer said. “They quickly backfilled the vacant grocer with Giunta’s Meat Farms and secured a long-term lease with NYU Langone Health with minimal downtime.”

Strathmore Commons Shopping Mall, originally built in 1991, is a well-positioned community retail center serving the local community along the Middle Country Rd. corridor on Long Island.

The center features a mix of national and local tenants, including McDonald’s, Giunta’s Meat Farms, NYU Langone Health, Gold’s Gym, Subway, Dollar Tree and Carvel.